SBP cancels exchange firm’s licence over violations of regulatory instructions

The State Bank of Pakistan has withdrawn the authorisation of Al-Rahim Exchange Company (Private) Limited after identifying serious breaches of its regulatory instructions, the central bank said on Monday. Dawn reported that the company is now barred from every kind of foreign exchange business. That prohibition extends to its head office and all of its branches, regardless of their role.

The report does not disclose the specific breaches, only that the regulator found serious violations of its rules. The decision is an enforcement step against a single exchange firm and does not name any listed company. No timeline for any appeal or further action is given in the report. For readers following the currency market, it shows the central bank will act against licensed dealers that breach its instructions.